Saving money

[disneysteve]

4. Continue paying a loan
Just finished paying for your car? If you are about to pay off a loan, and don't need a new car right away, continue making the same monthly payment - to yourself!

I plan to do this in a few months. The last payment ($150/month) on my daughter's braces is due in May. After that, I'm going to add that $150/month to the money we have going into savings. Initially, it will go to finish off our Roth contributions for the year. After that, it will probably go toward repaying our HEL.

[aida2003]

The last payment ($150/month) on my daughter's braces is due in May.

Steve, just out of my curiosity not to get a sticker shock in case my kids need them in 10 years . How much do braces cost for a kid? Is there a range of prices for them?
It sounds that plenty of kids need them and not all dental insurances cover them.

[disneysteve]

Steve, just out of my curiosity not to get a sticker shock in case my kids need them in 10 years . How much do braces cost for a kid? Is there a range of prices for them?
It sounds that plenty of kids need them and not all dental insurances cover them.

I don't have the numbers in front of me, but I think the total was $3,750. An initial payment of $750 and then $150/month for 20 months.

We do have dental insurance which got us a discount of, I think, 20%. So without insurance, it would have been around $4,600 but don't quote me on that figure.

[tbc32]

#90 has a great list of ideas. I would include, have a family. Kids are a great way to get tax breaks and refunds which can be applied to your savings. We were able to save a few thousand dollars more this year because we had a baby.

[pfodyssey]

I'm actually having a little bit of difficulty figuring this out exactly because I don't really keep track of any excess cash (only pre and post tax retirement contributions). So, I would say safely at least 20%.

[aida2003]

I don't have the numbers in front of me, but I think the total was $3,750. An initial payment of $750 and then $150/month for 20 months.

We do have dental insurance which got us a discount of, I think, 20%. So without insurance, it would have been around $4,600 but don't quote me on that figure.

It probably sounds about right. I remember one waitress saying that she must work hard and save money because her kid needs braces and they cost close to $5,000. This was 5 or 6 years ago in Detroit.

[tbc32]

As a student I am only able to save about $300/month... it's a start, but definitely not where I want to be when I get "a real job." I put almost all of it into index funds in a Roth IRA.